Dear Clients,
As you were informed earlier, KELER Ltd. is required to apply repeatedly for license in order to comply with the provisions of CSDR, the EU regulation governing the operation of central securities depositories.
Article 59 (1) of the 392/2017 technical standards of the CSDR requires that “The CSD shall use double-entry accounting, according to which for each credit entry made on a securities account maintained by the CSD, centrally or not centrally, there is a corresponding debit entry on another securities account maintained by the same CSD.”
In order to comply with the requirements, the Settlement and Securities Account Management System was upgraded on 14 April 2018.
Following the upgrade, KELER will apply double-entry accounting to the following transaction types:
Dematerialized securities
- 72 – Demat securities origination
- 73 – Demat securities top-up
- 74 – Demat securities negative top-up (partial cancellation)
- 77 – Demat securities full cancellation (appears as new transaction)
- 70 – Investment fund FOP daily top-up
- 71 – Investment fund FOP daily cancellation
- 75 – Investment fund DVP daily top-up
- 76 – Investment fund DVP daily cancellation
Physical securities:
- SK fungible account /51 certificate account - delivery out from depository
- SB fungible account /31 certificate account - delivery into depository
New securities accounts will be introduced related to the posting of the transactions that will be stated as additional information, further to the transaction data currently provided, depending upon the direction of the transaction, as the securities account of the Deliverer / Receiver:
- in the case of dematerialized securities: 9999/111111,
- in the case of physical securities: 9999/222222
Our Clients cannot initiate transactions in these mirror accounts. The mandatory data of instructions remain unchanged.
For the transactions listed, Clients can see the counter account in turnover queries and on the account statements. Statements, queries and advices concerned:
On KID:
- T700: Securities accounts turnover statement
- T751: Certificate accounts T day statement
Please consider these changes when processing the above statements in your systems.
Sincerely,
KELER Ltd.